US banks launch renminbi funds May 12, 2011 Goldman Sachs and Morgan Stanley are to launch rival private equity funds denominated in China’s currency the renminbi to gain greater access to the market. Goldman chief executive Lloyd Blankfein visited Beijing yesterday to sign the fund’s launch agreement with its partner, the Beijing municipal government’s Capital Operation and Management Centre. Morgan Stanley will launch [...]
Gulliver: Commercial banking is our DNA May 11, 2011 HSBC unveiled a strategic overhaul yesterday that will see the bank cut up to $3.5bn (£2.14bn) in costs, cut “subscale” retail operations and review its presence in 39 countries. “We are not going to try to be all things to all people in all markets,” said chief executive Stuart Gulliver as he launched a plan [...]
Don’t worry, the party in commodities isn’t over yet May 11, 2011 COMMODITIES took a big knock in the recent correction, but the fundamentals still point towards continued rises over the medium term. Assuming you aren’t planning to fill your home with sheep, soybeans and platinum, with certain provisos, commodity funds can offer you a route in. THE PARTY ISN’T OVER Investors who joined the commodity party [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2011 FINANCIAL TIMES PACE OF UK GROWTH UNDER THREAT Britain’s economy is unlikely to grow as fast as before the financial crisis because its most productive sectors have been hardest hit, jeopardising government plans to cut the deficit. A Financial Times analysis of the sectorial performance of the economy before and after the crash highlights how [...]
Oil prices take a knock from margin hike May 10, 2011 OIL prices took a hit yesterday from the news of another hike in margins from the world’s largest commodities exchange. The CME Group announced the fourth rise since February, which will take effect from today. Margins will climb by 25 per cent, boosting the cost of holding positions. The CME’s move to make it more [...]
Strong miners propel FTSE to a one-week closing high May 10, 2011 THE FTSE 100 share index hit a one-week closing high yesterday after bumper Chinese trade data boosted miners, although analysts said sentiment could be soured if Beijing opts to tighten its monetary policy. China’s April consumer price inflation index, due today, is expected to have dipped from March’s 32-month high of 5.4 per cent to [...]
MGM China bids to raise $1bn in IPO May 9, 2011 MGM China, the joint venture between MGM Resorts International and casino mogul Stanley Ho’s daughter Pansy Ho, has started pre-marketing for an initial public offering in Hong Kong expected to raise between $1bn and $1.5bn. MGM China kicked off its marketing campaign for potential investors after it passed through a listing hearing in Hong Kong, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 8, 2011 FINANCIAL TIMES UBS FEARS MISSING AMBITIOUS TARGETS UBS bankers have privately conceded that the Swiss financial services group is unlikely to meet ambitious performance targets as it realigns its business in response to new rules on capital. Oswald Grübel, chief executive, surprised analysts last month by maintaining his medium-term goals of SFr20bn (£14bn) in annual [...]
Global firms tap US IPO market May 8, 2011 THE TOTAL value of US stock market listings undertaken by firms from outside of the country has hit its highest level since 2006 so far this year, as companies worldwide look to raise cash on Wall Street. US listed initial public offering (IPO) volume by non US issuers has hit $4bn (£2.4bn) so far this [...]
Sell-off in Europe likely today May 8, 2011 A sell-off is expected on European bourses this morning, following a weakening in US markets on Friday from the highs reached after the strong US jobs data. In out-of-hours trading, GFT is forecasting the UK index to open down 66 points from last week’s close, at around 5,910. The German DAX is quoted to open [...]